Many climate activists at the TotalEnergies meeting, which however took place, in a small committee.

Many climate activists at the TotalEnergies meeting, which however took place, in a small committee.

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TotalEnergies met this Wednesday its shareholders in general meeting. Access to the room was made impossible by hundreds of people sitting in front of the Salle Pleyel chanting ” total killer “.

Anecdotally, the group had gotten ahead of journalists by warning them that computers would not be allowed in the room for security reasons. Fortunately, the laptop was spared this curious restriction measure, I can inform you live about upcoming events.

I was able to speak with a person in charge of the demonstration. He explained to me that ” Questions and disturbances during the GA have been done in the past and they wanted to hit hard this time. Total does not respect the recommendations of the Paris climate agreement. we must act. Suddenly, faced with this blockage, the GA might not hold out. The company itself did not know what was going to happen.

Shareholders waited patiently behind barriers before the start of the meeting, which was scheduled for 10 a.m. We can hear: ” Total, Total, we must choose fossil fuels or our future! »

Finally being able to enter the almost empty room, the assembly began shortly after the appointed time, but with very few participants.

The CFO, Jean-Pierre Sbraire, returned to the excellent results of 2021 with the strong point of LNG, together with the exploration and production branch, which benefited from the high prices of the barrel and gas.

It was recalled that 33% of gross cash flow was distributed to shareholders (dividends and share buybacks). The 3-year TSR stood at 12% and the return on the share reached 5.9% over 10 years.

Next, Marie-Christine Coisne-Roquette, Lead Director of TotalEnergies, developed the group’s actions in terms of governance, recalling that the company has decided to provide climate training to all directors.

Why a hot AG?

The Salle Pleyel is almost empty for the celebration of the general meeting of TotalEnergies

Many shareholders are fiercely opposed to the group’s climate strategy and have announced that they will vote against the “say on climate” resolution 16 (this resolution 16 on the company’s climate policy, which is subject to the advisory vote of the shareholders , received 91.88% of “yes” votes last year). These are Ofi AM, Meeschaert Amilton, Mandarine Gestion and Sycomore AM. Edmond de Rothschild AM and La Financière de l’Echiquier also lament the company’s lack of alignment with a scenario that limits global warming to 1.5 degrees.

We recall the refusal, at the end of April, of TotalEnergies to put on the agenda an external resolution presented by a coalition of shareholders on the climate strategy because ” contravenes the legal norms of distribution of competences between the organs of the company. For the group, it is up to the board of directors to define the energy transition strategy and not to the general assembly. BP and Shell agreed to put such resolutions on the agenda. In the United States, the SEC decides on the admissibility of resolutions. Therefore, the dismissed shareholders applied to the AMF, but the stock market policeman did not respond to their request.

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